April 22: Garima Development Bank, a ‘B’ listed national level bank and Subhechya Development Bank, operating in three regions of the country, have finalised a merger deal amid a program on Wednesday.  Dilip Pratap Khand, Chiarman of Garima Development Bank and Dr Ananda Shrestha, Chairman of Subhechya Development Bank signed the agreement on behalf of their respective organisations. The central office of Garima Development Bank is located at Pokhara whereas Subhechya Development Bank is headquartered at Chitwan.

Currently, Garima has paid-up capital of Rs 853.2 million while Subhechya has Rs 227.3 million in paid-up capital after issuance of right shares. The merged entity will have a total of Rs 1.80 billion in paid-up capital. The new entity will function in the name of Garima Development Bank. As per the deal, Dilip Kumar Khand and Govinda Dhakal of Garima Bank will take the posts of Chairman and CEO respectively while a board of director will be appointed from Subhechya Bank.